Pharminox secures £1,500,000 in second round finance
IP2IPO Group plc (AIM: IPO), the intellectual property company that commercialises university technology, is pleased to announce that Pharminox Limited (“Pharminox”), a spinout company from the University of Oxford in which IP2IPO holds an equity stake, has
succeeded in raising approximately £1.5 million in second round finance.
Pharminox is a small-molecule, cancer drug development company that was formed in 2002 to develop new platinum based compounds licensed from the University of Oxford. Since incorporation, the company has broadened its intellectual property base considerably.
In early 2004 Pharminox secured a licence from Cancer Research Technologies (the technology transfer arm of Cancer Research UK) to a complementary class of compounds, known as heteroaromatic quinols, originally developed by Professor Malcolm Stevens, OBE.
Professor Stevens, the Professor of Experimental Cancer Chemotherapy at the University of Nottingham, is a highly respected cancer researcher who was responsible for the discovery of
Temodal, a cancer drug with annual sales in excess of $300m. Professor Stevens has joined the Board of Pharminox as Chief Scientific Officer.
The financing round capitalises the company at £5 million. In line with its business model, IP2IPO did not subscribe for new shares. Post the completion of the financing, IP2IPO holds a 13.8% interest in Pharminox.
For more information contact:
David Norwood, Chief Executive Officer 020 7071 4348
Sue Barrowcliffe, CEO 01707 649 053
Tim Anderson, Mark Court, Mary-Jane Johnson 020 7466 5000